(Best Syndication) CVS Corporation said that voting against the proposed merger will leave the Caremark shareholders with “substantial uncertainty and risk”. CVS said in a statement that the benefits were laid out on March 12th when the Institutional Shareholder Services (ISS) recommended that Caremark (Nashville Tenn.) shareholders vote to approve the merger on Friday.

Express Scripts Inc. (Maryland Heights, Mo.) said Thursday that they would raise the cash part of their $27.8 billion offer for Caremark. They say that they have been shut out of conducting confirmatory due diligence, according to a report from Reuters.

"Caremark's closed door has prevented us from learning anything more about the company that would permit Express Scripts to increase its offer," Express said in a statement. This was after CVS shareholders approved their $23.9 billion plan to buy Caremark.

The Express Scripts competing offer came in after Caremark shareholders complained that CVS did not offer enough, according to an Associated Press (AP) report. "We're very happy with the margin of the favorable decision by our shareholders," said Dave Rickard, CVS's chief financial officer. "There's one more to go."

Back in November CVS announced that it would buy Caremark for $21.2 billion in stock. In December Express Scripts put in a hostile cash and stock bid valued at about $26 billion. At that time Caremark’s board cited concerns about whether the deal would pass regulatory muster, and rejected it. They said it would have united the second and third largest pharmacy benefits managers.

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